Red Ashes

Red Ashes is a Burnt and Restored magic trick using Tissue Paper. A strip of red paper is lit by a match. The magician lets go and it floats upward as it burns. When the ash falls down, the magician catches it, squeezes it, and opens up the paper to reveal it's fully restored.

It was a very popular effect being sold in catalogs and magazines as early as the 1920s.[1]

Cortini made the bit where the paper rises a speciality in his burnt and restored paper routine when he was touring North America.

Len O. Gunn used a balloon for the paper in his trick "Grab-It" (1932).